Updates, advisories and surprises

(4:17 PM ET) SAN FRANCISCO (MarketWatch) -- Red Hat Inc.
RHT, +4.08%
on Monday reported a fiscal second-quarter profit of $41 million, or 21 cents a share, on revenue of $374 million, up from earnings of $35 million, or 18 cents a share, on $322.6 million in sales in the same period a year ago. Excluding one-time items, Red Hat would have earned 35 cents a share. Analysts surveyed by FactSet had forecast the open-source software company to earn 34 cents a share on $372 million in sales. Red Hat's shares fell 5.7% in after-hours trading following the release of the company's results.

BlackBerry downgraded following warning

(10:31 AM ET) SAN FRANCISCO (MarketWatch) -- BlackBerry Ltd.
BBRY, +0.00%
was downgraded by at least two brokers Monday morning followingthat revenues will come in far below expectations for the second fiscal quarter, due to poor sales of its latest smartphones. The stock was downgraded from buy to hold by Jefferies & Co., while RBC Capital cut its ratings on the shares from the equivalent of neutral to sell. "It's a race against time for BlackBerry and preserving cash may be of utmost importance as the pace of business deterioration accelerates," wrote Mark Sue of RBC Capital, who also cut his price target on the stock to $5 from $15. Credit Suisse and Robert W. Baird upgraded the stock from sell to neutral ratings, citing the stock's valuation under a breakup scenario. BlackBerry shares, which slid more than 17% on Friday afternoon following the warning, were down another 3.8% in early trades on Monday.

Citigroup off 2% premarket on reported sales fall

(7:52 AM ET) MADRID (MarketWatch) -- Citigroup Inc.
C, +0.14%
shares fell 2% in premarket after a report in the Financial Times late Sunday that the investment bank has suffered a sharp drop in trading revenue owing to a worse-than-expected slowdown in markets business over the summer. The newspaper cited people familiar with conversations between the bank and investors, saying some investors believe income could fall by much more than 10%. The bank is expected to report third-quarter earnings on Oct. 15. The FT reported that Citi also has the biggest exposure out of any U.S. bank to emerging markets, which have seen capital flight and currencies dropping in recent months. One executive said the bank had been hoping for a late rush of activity in the quarter, but the Federal Reserve dashed that by not tapering its bond-buying program. A spokeswoman for Citigroup declined to comment on the report.

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